Bay Area’s M-F Boom Fuels Refinancing in Fremont
- Jun 16, 2015
Vue Fremont and Waterstone at Fremont are two multi-family properties located in Fremont, on the southeastern end of the San Francisco Bay. Both are owned by Pacific Urban Residential, and both are located in one of the nation’s fastest-growing residential markets.
Fremont’s rental rates are rising faster than in the rest of the Bay Area, having recorded more than 15% year-over-year growth at the beginning of this spring, Yardi Matrix data indicates.
As the market goes from strength to strength, Pacific Urban decided to refinance the two properties for a combined $136.9 million. The company worked with frequent partner Berkadia for the financing, and the company’s San Francisco office originated a fixed-rate loan through its Fannie Mae Program. Pacific Urban will use proceeds from the full-leverage, cash-out refinance with interest-only debt service payments to refinance debt on the two properties.
Vue Fremont is the smaller of the two communities, totaling 134 residential units with one- and two-bedroom floor plans. The property located at 37200 Paseo Padre Parkway is currently 97 percent leased.
Waterstone at Fremont is located at 39600 Fremont Boulevard and offers 526 residential units. The unit mix at Waterstone also consists of one- and two-bedroom floorplans, 96 percent of which were occupied at closing.
Image courtesy of waterstonefremont.com